With less war talk between the US and the DPRK, the precious metals are starting to struggle. Gold and Silver saw net weekly declines of -0.2% and -0.4% respectively. Near term outlook is bearish, not least if the USD can push into the DXY 94s.
This morning (August 18th) saw Gold break the $1300 threshold for the first time since Nov'2016, but it couldn't hold it, as capital market confidence was regained into the afternoon.
... and for Gold/Silver, price action is often swayed by sporadic geo-political chatter.
Technically, price momentum is net positive (if only moderately) for both gold and silver. It can also be said the trend since July is on the positive side. Yet.. gold is clearly stuck around $1300, and Silver has a particularly bearish set of lower highs from April.
For now.... 'Mr Inflation' is yet to be seen, and that is naturally holding back most of the related mining stocks.
It remains notable that one indirect bullish signal is copper, which settled higher for a sixth consecutive week, and is very close to challenging the key $3.00 threshold.
Any weekly/monthly close for copper >$3.00, would bode bullish for gold/silver, and the related miners.